Buying Foreclosures
Buying Foreclosures – Tips for Foreclosure Profits - From About.com
Why You Should Work With a Realtor
Sharing another post from Realtor Magazine – Realtor.org
Why You Should Work With a REALTOR®
 |
 |
Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here are five reasons why it pays to work with a REALTOR®.
1. You’ll have an expert to guide you through the process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.
2. Get objective information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
3. Find the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.
4. Benefit from their negotiating experience. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
5. Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
6. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.
7. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.
8. Buying and selling is emotional. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.
9. Ethical treatment. Every member of the NATIONAL ASSOCIATION of REALTORS® makes a commitment to adhere to a strict Code of Ethics, which is based on professionalism and protection of the public. As a customer of a REALTOR®, you can expect honest and ethical treatment in all transaction-related matters. It is mandatory for REALTORS® to take the Code of Ethics orientation and they are also required to complete a refresher course every four years.
 |
 |
 |
 |
 |
5 Tips for Buying a Foreclosure
Brought to you by the National Association of Realtors®
By: G. M. Filisko
Published 2010-03-29 09:29:32
Get prequalified for a loan and set aside funds, and you’ll be ready to purchase a foreclosed home.
When selling a foreclosed home, set a price well under market value so the home will sell quickly. Image: Image Source/Getty ImagesWhen lenders take over a home through foreclosure, they want to sell it as quickly as possible. Since lenders aren’t in the real estate business, they turn to real estate brokers for help marketing their properties. Buying a foreclosed home through the multiple listing service can be a bargain, but it can also be a problem-filled process. Here are five tips to help you buy smart.
1. Choose a foreclosure sale expert. Lenders rarely sell their own foreclosures directly to consumers. They list them with real estate brokers. You can work with a real estate agent who sells foreclosed homes for lenders, or have a buyer’s agent find foreclosure properties for you. To locate a foreclosure sales specialist, call local brokers and ask if they are the listing agent for any banks.
Either way, ask the real estate professional which lenders’ homes they’ve sold, how many buyers they’ve represented in a foreclosed property purchase, how many of those sales they closed last year, and who they legally represent.
If the agent represents the lender, don’t reveal anything to her that you don’t want the lender to know, like whether you’re willing to spend more than you offer for a house.
2. Be ready for complications. In some states, the former owner of a foreclosed home can challenge the foreclosure in court, even after you’ve closed the sale. Ask your agent to recommend a real estate attorney who has negotiated with lenders selling foreclosed homes and has defended legal challenges to foreclosures.
Have your attorney explain your state’s foreclosure process and your risks in purchasing a foreclosed home. Set aside as much as $5,000 to cover potential legal fees.
3. Work with your agent to set a price. Ask your real estate agent to show you closed sales of comparable homes, which you can use to set your price. Start with an amount well under market value because the lender may be in a hurry to get rid of the home.
4. Get your financing in order. Many mortgage market players, such as Fannie Mae, require buyers to submit financing preapproval letters with a purchase offer. They’ll also reject all contingencies. Since most foreclosed homes are vacant, closings can be quick. Make sure you have the cash you’ll need to close your purchase.
5. Expect an as-is sale. Most homeowners stopped maintaining their home long before they could no longer make mortgage payments. Be sure to have enough money left after the sale to make at least minor, and sometimes substantive, repairs.
Although lenders may do minor cosmetic repairs to make foreclosed homes more marketable, they won’t give you credits for repair costs (or make additional repairs) because they’ve already factored the property’s condition into their asking price.
Lenders will also require that you purchase the home “as is,” which means in its current condition. Protect yourself by ordering a home inspection to uncover the true condition of the property, getting a pest inspection, and purchasing a home warranty.
Be sure you also do all the environmental testing that’s common to your region to find hazards such as radon, mold, lead-based paint, or underground storage tanks.
More from HouseLogic
What you need to know about the homebuyer tax credit
How to claim your homebuyer tax credit
Other web resources
How to buy a foreclosure from Fannie Mae
What to consider when buying a foreclosure as your first home
G.M. Filisko is an attorney and award-winning writer who purchased a foreclosed condominium and found herself in the middle of a months-long dispute between the former homeowner and the bank over whether the foreclosure was conducted properly. Six months after paying the full purchase price, she was finally able to enter the property. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
- A Financial Plan for Your Home
- HOAs: What You Need To Know About Rules
- It Pays to Support Responsible Homeownership
More Engage Articles
Read more: http://buyandsell.houselogic.com/articles/5-tips-buying-foreclosure/#ixzz12BPhajxr
Home Buying Dos & Don’ts
Homebuying Do’s & Dont’s from HGTV’s FrontDoor.com
kansasexplorer 3128 ~Flickr.com
Home Inspections – Know What Your Buying
Home Inspections – It Pays to Know What Your Buying ~ from Aol.RealEstate.com
~~~~~~~~~~~~ CLICK to View VIDEO ~~~~~~~~~~~~
It is highly recommended that everyone have a home inspection before purchasing a home. All of my buyers have, even on the purchase of new construction.
Real Estate Appraisals 101
Real Estate Appraisals 101 – from AOL Real Estate…
Finding a Good Real Estate Agent
Finding a good Real Estate Agent can be tricky. You can start your search on the web, maybe by company – like Century 21, then by state and finally narrowing it to a certain town or area(s) your interested in. Lets say Putnam County in New York in either Brewster, Patterson, Carmel, Kent, Mahopac, Putnam Valley - Century 21 VJF Realty handles all these areas – along with Westchester, Dutchess, Columbia and Ulster counties in New York - and counties through out Connecticut.
After finding a Real Estate office your comfortable with, now you can search for a Realtor - one that suits the needs of their clients, being available evenings, weekends and holidays – a full time agent. Maybe you prefer someone who has experience, is full of knowledge, energetic, is up on all that is going on in TODAY’S market - including foreclosures, short sales and the explosion of networking with Facebook, Twitter, Active Rain, has a website and/or a Blog! If not, then at least consider an agent that has a computer at home so they have access to getting info at all times – and – a cell phone!
As a Realtor, I have come across agents that DO NOT HAVE A CELL PHONE – or don’t give out their cell phone number – or turn off their phones at 6pm – ?? Others that leave their laptop in the office, therefore not having access to the Multiple Listing Service until they’re back in the office – Mmmm?? In my book, these agents are part timers – not full time agents. I’m sure they have their reasons, and my guess is it works for them and they’re OK with it. But, if your not, make sure sure you ask questions BEFORE you set up an appointment to meet and go out with a Realtor. Ask why they got into Real Estate – because they love looking at houses and they can make their own hours – or – because they are passionate about selling homes, they eat, sleep and dream of Real Estate! Ask if they would be available when it’s convenient for YOU – what time can you call them until – what areas do they show and sell in. Also, while getting to know them, see if they seem honest, have a sense of humor, patience and are they LISTENING to you and what YOU need - you’ll appreciate all of these qualities in an agent to get you through the process of buying and/or selling your home which can be one of the most complex and significant financial event in your life!
Homebuying Dos and Don’ts
If your taking advantage of this “Buyers Market” - here are some Dos and Don’ts from FRONTDOOR.COM <CLICK>
Also, Listing Book is a great way to search like an agent and view all current listings that are updated every 30 minutes – unlike other Home Search sites – AND – it’s FREE! Register for your account - <CLICK HERE TO VIEW>
ikkoskinen – Flickr.com
Housing Market – What goes DOWN, must come UP!
Andreia – Flickr.com
Currently, we are in a “down” market. But… “What goes down, must come up!” – right? Many people know this of course, and have only one question - When will the market start going up?
Swami Stream2- Flickr.com
This answer can vary, depending on the state and city or town - and on the type of home – single family, condo/townhomes or new construction.
Some areas believe they have reached the bottom and there is only one way to go from there – UP!
Bill in Ash Vegas – Flickr.com
In the areas that I service – Westchester, Putnam and Dutchess Counties in New York and Fairfield and parts of Litchfield Counties in Connecticut – I can honestly say that I am busy. Many of my clients are aware that the high volume of inventory, low prices that are still negotiable – along with LOW INTEREST RATES – and the $8,000 tax credit – if it applies – makes it a FANTASTIC TIME TO BUY!
So, don’t catch yourself in the future saying, “I should have bought that house.”
I promise to do my best…
Aussiegall – Flickr.com
in helping your Home Buying dreams come true!
Ktylerconk – Flickr.com
“The future belongs to those who believe in the beauty of their dreams.” – Eleanor Roosevelt
Do You Want to Buy a House?
Do you want to buy a house?? If your answer is YES – Great!! Interest rates are FANTASTIC – Inventory is HIGH – AND – most sellers are ANXIOUS!
visulogik – Flickr.com
So, if your interested in a single family, multi – family home, condo or townhouse – I’d be happy to assist!
sailorbill – Flickr.com
2009 Could be the Best Year for Home Buyers
FrontDoor.com has a fantastic article about how 2009 could be the best year for home buyers!
Some of the items mentioned is the home buyers tax credit, the increase of inventory of homes on the market and the decreasing interest rates. It reads that interest rates are in the high 5′s and that there may be more reductions. Well, there was a decrease in interest rates. Just today, Carey Hollander with Patriot Home Funding said interest rates for a 30 fixed mortgage are in the LOW 5′s for someone with good credit. For more info on Patriot Home Funding <CLICK>
To read the entire article “The Last Year for Best Buying Opportunities – Considering buying a home? Take advantage of low prices and interest rates in 2009.” <CLICK HERE>
Happy House Hunting!
It’s a Wonderful Life – at Home
mysza831 – Flickr.com
Oh, Thanksgiving has come and gone – but the Holidays do continue. New Fairfield – Connecticut - has decorated the center of town and they will be having their TREE LIGHTING CEREMONY on Sunday, December 7th at 4pm on Memorial Field. I do Love this time of the year. Seeing the lights and holiday decorations takes me back in time to when I was a child and Christmas was my favorite time of the year!
FreaksAnon – Flickr.com
Now as an adult, I admit that I do get a bit stressed – between deciding what to buy for who, getting and decorating the tree, sending out cards, baking, wrapping, trying ever so hard to keep many gifts a secret – which can be difficult for me, and preparing for Christmas Eve at my house… Whew! I do love – and need to take a break – with my laptop in hand so that I can keep working, I LOVE watching Holiday movies.
The HALLMARK CHANNEL has begun their Holiday shows and they do a great job at pulling on my heart strings.
Another all time favorite of mine – and a tradition – is watching, “IT’S A WONDERFUL LIFE”. Starring James Stewart and Donna Reed. This 1946 movie made #4 of Moviefone’s list of 25 “Flicks That’ll Lift Your Spirits” as it prompts, then answers the question of what would happen if a whole life was erased as if it had never been lived??
elif ayse – Flickr.com
It snowed yesterday, making it a perfect time to make some hot cocoa, light a fire, and pop in a great movie!
Hey Paul – Flickr.com
Should I Move?
Todd D Jones – FLICKR.com
FrontDoor.com has a QUIZ you can take if your wondering if now is a good time to sell your home and move – and so many other guides and tips to homebuying and/or selling.
Jsome1 – FlickR.com
Many of you may be renting and would love to have the ability to control the heat - instead of feeling as though your living in a cold stone house. I guess the Flinstones didn’t mind!
James Gordon – FlickR.com
Others may want to go from their started home to a bit larger home to accommodate their growing family or to start a family. I’ve been there – feeling like the old woman, living in a shoe filled with children! For years I waited to be able to move to a larger home since we had 5 growing children. I knew it would be difficult for us to afford a larger home in Harrison, NY – so, we made the best decision of our lives – to do the commute up and down I-684 and move to New Fairfield, Connecticut!
A Great Real Estate Agent
There are great real estate agents and terrible real estate agents. Within each category are agents whose behavior puts them at the top and bottom of the spectrum.
In other words, the best real estate agents are truly stellar. The worst agents? Well, let’s just say that if you wind up with a terrible real estate agent you’ll probably have war stories to share about your home purchase or sale at the next cocktail party you attend. (Unfortunately, stories about terrible real estate agents are shared more often than stories about great real estate agents.)
When hiring a real estate agent to help you buy your next home, the trick is to find one who really listens to what you have to say; who will go the extra mile to help make your purchase a little less stressful; who will help you be objective when you become emotional about plunking down the single biggest chunk of cash ever; and who can help you understand and work with local market conditions.
I suspect that most buyers spend more time thinking about the curtains they’ll hang, the granite countertops they’ll install, or the boxes they’ll need for their move than the agent they’ll hire to help with the purchase of the property itself.
Why is that? Why isn’t creating a home-buying team the top priority when beginning the process of buying a home?
Perhaps it is because going through the process isn’t perceived as being that much fun.
But that’s where hiring a great real estate agent can make all the difference. What qualities should you look for?
The real estate agent you hire should have an intimate knowledge with your neighborhood of choice. The agent should have worked in a neighborhood for awhile, seen a lot of the housing stock, and know the history of the neighborhood, trends associated with it and where the locals hang out. The agent should know about home values and should have the ability to come to you and tell you what other homes have sold for in the neighborhood and what other homes are listed for in the same neighborhood. The agent should also have information to back up why some homes are listed for more than others and be able to represent you when you are ready to make an offer for a home. The agent should know about the school district, shopping, commuting and recreational options. He or she should basically be a wealth of information, and be able to point out the flaws as well as the outstanding features of the community.
The real estate agent you hire should be able to really listen to your wants, needs, dreams and desires, and ask questions that help you delve beneath the surface to figure out what’s really driving those wants and needs. Real estate agents sometimes say that “buyers are liars,” because buyers tend to change their mind about what they really want to buy during the home-buying process. But if an agent is able to draw out the buyer ahead of time, and help him or her focus on the important issues of the purchase, it will save everyone a lot of time.
It’s also important to hire an agent who is willing to tell you what you may not want to hear — but should. If you’re a buyer who is unrealistic about a local neighborhood, you’ll want an agent to tell you that what you want to buy can’t be found for the price and is unworkable in the current marketplace. No one wants to have their dreams dashed, but you’ll come to see that your real estate agent is doing you a favor by not allowing you to run away from reality.
A great real estate agent comes laden with resources, similar to a hotel concierge. (Some real estate companies talk about the “concierge” services they provide.) The agent you hire should be able to provide you with a handful of great home inspectors, mortgage lenders and real estate attorneys for you to interview. (Be wary of the agent who steers you to one specific inspector, mortgage lender or real estate attorney. What you want is a choice of great partners.) If you need help locating service people, a handyman, or even a new pediatrician, a great real estate agent should have those names and numbers at his or her fingertips. Being a walking neighborhood directory for many longtime top agents is part of the service they provide.
A great real estate agent stays in touch. Top real estate agents use technology to help them communicate frequently with their buyers. E-mail, BlackBerrys, iPhones, cell phones, electronic newsletters, Web sites, digital photography and video help agents share properties that they’ve previewed, provide feedback, and keep buyers updated on the progress that is being made.
Finally, when you hire an agent, it’s like a short-term marriage. When the transaction is completed, when you’ve bought your new home, the intense relationship you’ve created comes to an end. With a great real estate agent, you’ll find you don’t want your time together to end. While these are just some of the qualities you should look for in determining whether the agent is a good match for you, you still need to make sure to get referrals and recommendations for the agent from other buyers he or she has represented recently.
What happens next? Dinner — ostensibly to discuss past and future deals, but really to move your relationship into the long-term-friendship stage.
Images through iClipArt.com
It’s a Great Time to Buy a Home!
A very good friend of mine, Anthony Frascone with Wells Fargo Home Mortgage, has been keeping me informed on the housing news.
I just received this e-mail from him…
I hope this note finds you and your family well…
As I am sure you have seen in the headlines, last weekend the Fed stepped in and took control of the government sponsored entities Fannie Mae and Freddie Mac. This has caused benefits and has restored confidence in mortgage back securities and collateralized debt obligations, which has had positive impact on 30yr fixed mortgage rates.
Other positive news is the strength of the US Dollar vs. other currencies. After years of a devaluation, the Dollar has reversed to a 12 month high, and combined with reduced demand for oil, we have seen barrel of oil prices drop from $147 to $100 (32% decrease), which has been a blessing for us consumers at the gas pump (people smile when you fill up at $3.61 a gallon, compare to $4.45 a gallon), and eases fears a bit as we approach home heating oil season as prices are easing a bit for the winter season.
Rates have dropped about .625% to .75%, which means on a $300,000 mortgage, a monthly payment has dropped by $147 a month. Rates are now available in the 5.375% to 6% range.
LIFE AS A REALTOR – Realtor Open House Day (4)
Realtor Open House Day – yeah! I viewed a home in Patterson, NY – with a spectacular garden. The homeowner has transformed what was a house surrounded by trees to a home with a secret garden!
This immaculately kept, contemporary home is just minutes from the train station, 684 and 84. Every room has views of the outside and the sound of the waterfall is mesmerising! It is a perfect home for entertaining!
WON’T YOU BE MY NEIGHBOR?
GETTING TO KNOW ME
As a full time REALTOR in Westchester, Putnam and Dutchess counties in NEW YORK – and Fairfield and parts of Litchfield counties in CONNECTICUT , I am very pleased to have the opportunity to share my passions on REAL ESTATE, FAMILY, PETS, anything and everything in and around a HOME – including COOKING, MOVIES, MUSIC and more!
I have been married for 25+ years to my wonderful husband Joe. We have 5 children – Melissa, David, Amanda, Sara and Jonathan. After waiting anxiously – for almost 17 years, being home with my kids for 10 and a Nursery school teacher for 7 years – I FINALLY became a Licensed Realtor – first in Connecticut - where my family and I live – and then in New York – where my office, Century 21 V.J.F. Realty is located.
I was born and raised in Mt. Vernon, New York. My parents, who came to the US from Portugal, were extremely hard working – with even stronger ethics on being good to everyone – everywhere – period! “Faz bem, nao olhes a quem.” This has been instilled in me all my life, which has made me the mother, wife, daughter, sister, friend and the REALTOR I am today. Thank You Ma and Papa. 
FaceBook
Twitter
Trulia
-
Flickr Photos
More Photos StatCounter
Views of Candlewood Lake
Squantz Pond & Candlewood Lake
3202 Village Dr – Brewster NY
150 Pocono Rd – Brookfield CT
New Fairfield CT Statistics
My Zillow Listings
Zillow Search for Homes
HGTV FrontDoor – First-Time Home Buyer Tips
HGTV FrontDoor – Maximum Value Projects
HGTV FrontDoor – Home Buying & Selling Videos
HouseLogic
Brought to you by the National Association of Realtors®
Live Better. Own Smarter. Here is How.
HouseLogic
-
Should You Move or Remodel?
When your house no longer suits you, you can move or remodel. Find out which big change is the right investment of your housing dollars. Read
-
Fielding a Lowball Purchase Offer on Your Home
Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale. Read
-
Make Your House FHA-Loan Friendly
Know the basics of FHA loan rules and you stand a better chance of selling your house or condo. Read
-
Keep Your Home Sale from Falling Apart
After finding a buyer, all you have to do to make it to closing is to avoid these five traps. Read
-
5 Tips for Buying a Foreclosure
Get prequalified for a loan and set aside funds, and you’ll be ready to purchase a foreclosed home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
-
Thanks For Visiting!
Click to view my Photo Blog!
-
Archives
- January 2012 (1)
- December 2011 (2)
- November 2011 (1)
- October 2011 (6)
- September 2011 (1)
- August 2011 (1)
- July 2011 (1)
- June 2011 (3)
- May 2011 (5)
- April 2011 (5)
- March 2011 (9)
- February 2011 (6)
-
Categories
- 4th of July
- Apples
- Autumn
- Baking
- Ball Pond
- Barbecue
- Bathroom
- Bedford
- Bethel
- Blogging
- Brewster
- Brookfield
- Buyers
- Candlewood Lake
- Carmel
- Cell Phone Pics
- Century 21 V.J.F. Realty
- Christmas
- Closing
- Color
- Condo/Townhomes
- Connecticut
- Credit
- Danbury
- Danbury Fair Mall
- Decorate
- Dutchess
- Dutchess County
- East Fishkill
- Economy
- Fairfield County
- Fall
- Favorite Music & Songs
- Finance
- First Time Home Buyers
- Flickr Foto Fun Friday Post
- Front Door
- Fun Post
- Gardening
- Good Morning America
- Halloween
- Hanukkah
- HGTV
- Historical Homes
- Holmes
- Home
- Home Depot
- Homegoods
- Homes For Sale in Connecticut
- Homes For Sale in New York
- Hopewell Junction
- I-Pod
- I-Tunes
- Inspiration
- Kent
- Kitchen
- Kraft Foods
- Lake Carmel
- Lake Gleneida
- Life as a Realtor
- Listing Book
- Litchfield County
- Lowe's
- Mahopac
- Martha Stewart
- Money
- Mortgage
- Movies
- Moving
- Mt. Kisco
- Mt. Vernon
- Music
- My Life as a Realtor
- My Listing
- My Photo Blog
- Network for Free
- New Fairfield
- New Fairfield Schools
- New Milford
- New Rochelle
- New Years Eve
- Newtown
- NY
- Oprah
- Paint
- Patterson
- Pawling
- Pillsbury
- Pound Ridge
- President Obama
- Putnam County
- Putnam Lake
- Rachael Ray
- Real Estate
- Realtor
- Realtor Open House
- Realtor.com
- Recipes
- Sellers
- Sherman
- Snow
- Somers
- Southbury
- Southeast
- Spring
- Squantz Pond
- Summer
- Suze Orman
- Thanksgiving
- The Early Show
- The Food Network
- The Grocery Game
- The Pioneer Woman
- TLC
- Townhomes
- Trulia.com
- Uncategorized
- USA
- Westchester County
- WestConn
- White Plains
- Wine
- Winter
- Yonkers
- You Tube
- Zillow
-
RSS
Entries RSS
Comments RSS
